Fund assets rose by £427m during 2012-13 to end the financial year at £4.6bn.The authority said that, despite challenging market conditions, both the active and pensioner sub-funds – which will soon be merged – saw strong growth in the year.The active sub-fund returned 12.6%, and the pensioner sub-fund produced 9.6%, the LPFA said, adding that both had outperformed their set benchmarks over one and three years.It also said fund costs had continued to fall during the year, both as a percentage of net assets and in absolute terms per fund member.“Fund management costs as a percentile of assets under management also have been reduced, and it is our intention to reduce those further,” it said.Susan Martin, interim chief executive at the LPFA, said the authority was always looking for improvements.“In particular, as we move into a highly evolutionary period for the LGPS, we will continue to focus on closing the funding gap, in particular through the active management of liabilities,” she said. The London Pensions Fund Authority (LPFA) has produced a 12.4% net return on investments in the year to the end of March 2013, after removing an interest rate hedge produced £178m (€210m) for the public sector scheme.The net return on investments of 12.3% in the 12-month period compares with 4.2% reported for the previous year.The gross return on investments rose to 12.9% from 5%.“The performance was positively impacted by a strategic decision, informed by an environment of continuing interest rate stability, to remove an interest rate hedge, which harvested a benefit of £178m,” the LPFA said.
Gerry Harvey and Katie Page on the Gold Coast. Picture: Jerad WilliamsBILLIONAIRE Katie Page, high flying CEO of Harvey Norman and wife of co-founder Gerry Harvey, is selling one of her jawdropping beach apartments with a very juicy price tag.Ms Page began taking steps to build an exclusive luxury apartment complex called M3565 two years ago when her net worth was estimated at around $4 billion. The building is designed exclusively for owners and their guests – not renters.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoNow she has set a solid price on one of seven jawdropping whole floor beach apartments in the complex — pricing the 345 sqm four bedroom, four bathroom, double car space dream home at $5.75 million.Agent Robert Graham of Ray White Prestige, Surfers Paradise, confirmed apartment 4/3565 Main Beach Parade in Main Beach on the Gold Coast came to market a month ago. FOLLOW SOPHIE FOSTER ON TWITTER The rooms all overlook the water. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy location is everything in real estate01:59 4/3565 Main Beach Parade, Main Beach, is on the market for $5.75m. Extensive use has been made of timber sliding screens to control light and privacy.The recently completed development is so exclusive that holiday rentals will not be allowed, with all residents expected to be owners or their personal guests.It has “front row views over beach and ocean from every room”, according to the listing, and was “metres away from The Southport Yacht Club, Surf Club and only a short stroll to Tedder Avenue or Marina Mirage”.“The expansive ceilings and sweeping terraces contribute to the feeling of floating over the blue Pacific. Nothing about M3565 is mainstream.”
DES MOINES — Another proposal to alter the state’s “bottle bill” has emerged in the Iowa Senate.For decades, legislators have debated making changes in the system that charges a deposit fee on bottles and cans of alcohol and carbonated beverages. For years, the stores that sell those beverages have objected to being the place customers go with their empties to get their nickels back.Pam Mackey-Taylor, a lobbyist for the Iowa chapter of the Sierra Club, said the group opposes major changes.“We like the convenience of the grocery stores and convenience stores and the accessibility throughout the state, including in rural communities,” she said during a senate subcommittee hearing yesterday.But a bill that got its first hearing at the statehouse Wednesday would let grocery stores and convenience stores exit the redemption business. Brad Epperly, a lobbyist for the Iowa Grocery Industry Association, said retailers spend a lot to process the empties.“We devote square footage. We devote people. We have to do extraordinary cleaning measures…because this is where you buy your groceries,” Epperly said. “There are convenience stores in this state that have to rent space because they have no where to put them.”The proposal a panel of three senators reviewed would raise the fee paid to recycling or “redemption” centers from one penny to two pennies out of the five cent deposit on each can. Troy Willard owns the “Can Shed” with locations in Cedar Rapids and Iowa City. He told the senators that increase in the handling fee is badly needed.“I would say most redemption center owners also have that concern about convenience,” he said, “as far as whether there would be enough redemption centers pop up to replace retail.”The businesses that bottle and distribute the pop and beer also say the current system is unfair, but they oppose the bill. Senator Mark Segebart of Vail said going 40 years without making improvements to the “bottle bill” makes no sense.“As a farmer, you have to adjust things all the time,” he said. “The rule is don’t over adjust. If you adjust 10 things on a piece of equipment, you don’t know what you did that fixed it, so this is a fairly simple bill. It’ll fix a couple of little pieces. It won’t fix everything. But guess what? I’ll be back next year.”Segebart, gesturing with a nearly empty can of pop, told the crowd at Wednesday’s hearing there will be adjustments in his bill. And groups involved in this decades-long debate over the “bottle bill’s” fate say they’re working to develop other alternatives, too.
NEW HARTFORD (AP) — Sen. Chuck Grassley will not attend the Republican National Convention for the first time in his 40-year Senate career due to concerns about the coronavirus.The 86-year-old Grassley told reporters during a conference call on Monday that he was not going to go because of the virus situation. He said moving the convention was probably the right thing to do since North Carolina officials didn’t feel it was safe to have a large gathering.Grassley says he thinks there should be a convention, but “I think you should do whatever you can to make it as safe as possible, so that would be with face masks and social distancing.”The convention is now scheduled to begin Aug. 24 in Jacksonville, Florida, where officials began requiring face masks in public a week ago. Florida has seen its positive test rate lately reach more than 18%. The state has been hit especially hard, along with other Sunbelt states such as Arizona, California and Texas.
“But we are where we are now. We’re going to stay there for a long time and buying the stadium is great news.”Adam did agree with Brown’s view that Scotland could take games around the country, but only the lesser matches that will not draw a big crowd.He continued: “That’s our national stadium and we’ve had some great games there – we’ve got to stay there. Okay, maybe one or two of the smaller games we take round the country, but the big ones have got to stay at the national stadium.” Latest Scottish football news 2 2 “The bigger games could be at Murrayfield as well. We have some great stadiums here but we choose to use the wrong stadium for a football match.”Stoke midfielder Adam, who has played 26 times for Scotland, could not believe Brown’s view of Hampden, and the former Rangers star joined talkSPORT to blast the Celtic man’s criticism.“It’s strange,” Adam said. “I don’t get where he sees it from.“When you are playing against the smaller nations of course the atmosphere is going to be difficult, but [against bigger teams] there have been great days and great nights at Hampden. The atmosphere is unbelievable!“So I don’t know where he’s coming from, it’s probably publicity a little bit.“I’m surprised. The SFA announced the decision to buy Hampden earlier this week The SFA will pay £5million to buy the ground off Queen’s Park, with the League Two side set to use Lesser Hampden as their primary stadium.Brown, the Celtic captain, criticised the SFA’s decision to stay at the almost 52,000-seater Hampden, instead suggesting Scotland should have toured the country.Quoted in the Daily Mail, Brown said: “Do I think staying at Hampden is the right move? No! Hampden is possibly one of the worst stadiums I have played in for atmosphere.“For Scotland, I think we should be playing at Celtic Park, Ibrox, then the smaller games – when you only get 17,000 crowds – should be at Hibs and Hearts. Adam and Brown have previously represented their country together Charlie Adam cannot understand Scott Brown’s criticism of Hampden Park after the Celtic midfielder called the ground ‘one of the worst stadiums’ he has ever played at.The Scottish Football Association confirmed their decision to continue with Hampden as Scotland’s home of football beyond 2020, despite serious discussions over a potential move to Murrayfield. scrap Gerrard launches furious touchline outburst as horror tackle on Barisic sparks chaos